From August 20 17 1, MAS issued a formal statement on the supervision of 1CO, indicating that it does not supervise ICOs with non-securities attributes. Monetary authority of singapore clearly pointed out in the guideline that if the certificate issued has the property of securities, it can be regarded as stock or fund-raising investment, and it will be supervised by monetary authority of singapore according to SFA (Securities and Futures Act). Before issuing the pass, it must be filed in MAS in advance, and the relevant requirements of the Securities and Futures Law and the Financial Adviser Law must be met in the process of issuing transactions, and a public prospectus must be submitted, but it can be exempted from the public prospectus under certain circumstances.

The Guide to the Issuance of Digital Tokens issued by Singapore Financial Supervisory Authority (MAS) 201714 clearly defines the scope of supervision: when digital tokens are capital market products as defined in the Securities and Futures Law, the issuance of digital tokens is supervised by MAS. That is to say, if the issued digital tokens do not belong to capital market products, they do not need to be supervised by MAS, and only need to meet the conventional requirements such as anti-money laundering.

MAS will examine the composition and characteristics of digital tokens to determine whether the tokens belong to capital market products. The Guidelines list the following three kinds of digital tokens with obvious characteristics of capital market products:

Equity, representing the ownership of the company;

Creditor's rights represent the creditor's rights of the token owner to the token issuer;

The collective investment plan represents the rights and interests in the collective investment plan.

If tokens contain the above characteristics, the Singapore Securities and Futures Law and other relevant laws should be directly applicable to the issuance of tokens. Become? Control. Send? Does this token need to be provided? A copy of the Singapore Securities and Futures Law? Instructions are also filed in MAS ("prospectus requirements").

Three kinds of intermediaries commonly used in digital token issuance need to be used together.

ICO distribution platform ("tier-1 platform"). Unless exempted, such platform providers must hold a capital market service license;

Service providers providing financial consultation related to digital tokens must be authorized by companies holding financial consultation licenses unless exempted;

Digital token trading platform ("trading platform") must be approved or recognized by MAS.

Issuing tokens in Singapore requires a major company. Singapore companies are divided into ordinary companies and public guarantee companies. Generally, the coin issuing companies in the blockchain will register public guarantee companies, which is more in line with the practice and can issue ico compliance legal opinions later.

The procedure for registering a Singapore public guarantee company as a Singapore Foundation is as follows:

1. Foundation name: English name (ending with FOUNDATION LTD)

2. ID cards of three directors are required (one Singaporean member is provided by Zhuo Zhi and the other two are provided by themselves).

3. Business scope: 620 19 Other software development and programming activities.

62022 software consulting

4. Registered capital: No capital verification is required, with a minimum of 65,438 yuan +0 yuan and no upper limit.

5. Company Secretary (Zhuo Zhi is a licensed secretary)

6. Singapore registered address (provided by Zhuo Zhi)

7. Registration time: 10-25 working days.

At present, in order to avoid their own risks, the mainstream digital currency Stock Exchange in Singapore mostly requires the project parties to provide the law of non-securitization of tokens. Submit.